CEX.IO bitcoin marketplace review

CEX.IO Cryptocurrency Exchange

CEX.IO is a solid cryptocurrency platform. But watch out for its high fees when buying and selling bitcoin.

If you’re looking into using bitcoin to send money to someone, you will need a cryptocurrency platform.

CEX.IO might be on your list of candidates — it’s a London-based exchange founded in 2013 that lets you buy, sell and trade cryptocurrencies. In a sea of competitors, CEX.IO’s claim to fame is that it allows withdrawals to credit cards.

The question, of course, is whether CEX.IO is a good choice for buying cryptocurrency. Let’s find out.

Pros

Cons

Supports US dollars, euros and rubles only.

Bitcoin-based money transfers can be complicated.

High fees for buying and selling bitcoin.

Bank withdrawals can be expensive.

Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

How are CEX.IO’s exchange rates?

Exchange rates on CEX.IO are based on the platform’s market activity. Traders on CEX.IO buy and sell bitcoin; at the same time, the exchange rate will fluctuate.

Though the exchange rate can change, you’ll typically find that it’s within 0.5% to 2% of the mid-market rate.

What is the mid-market rate?

The mid-market rate is what your money’s actually worth on the global market compared to another currency. It’s the midpoint between worldwide supply and demand for that currency — and the rate banks and transfer services use when they trade amongst themselves.

Use the mid-market rate as a baseline to compare against the rates provided by your bank or transfer service. With it, you’ll discover which companies offer the best rates.

Overall, CEX.IO’s exchange rate is reasonable compared with other bitcoin exchanges. It’s more important to look at CEX.IO’s fees for buying and selling bitcoin, which are quite high.

How much will I pay to send money with CEX.IO?

Buying bitcoin

You first need to deposit fiat currency — government-issued money like Canadian dollars or US dollars — onto CEX.IO. Here is what you’ll pay to buy bitcoin.

Option

Fee

Credit card

3.5% + $0.25

Bank transfer

No commission

Crypto Capital (for bitcoin)

No commission

Next, you need to purchase bitcoin. Buying bitcoin comes with a 7% transaction fee, and you may lose a bit of value on your fiat currency from the exchange rate.

Sending the bitcoin to your recipient

Next, you’ll transfer the bitcoin to your recipient. To do that, you can use CEX.IO’s voucher system at no cost.

Selling the bitcoin

When your recipient sells the bitcoin, they’ll be charged a 7% transaction fee. They may also lose a bit of value on their bitcoin from the exchange rate.
Go to
CEX.IO's website

Withdrawing the fiat currency

Now that your recipient has sold the bitcoin for fiat currency, they need to get the money from CEX.IO.

Here are the fees for fiat currency withdrawals.

Option

Fee

Visa

US$3.80

Mastercard

1.2% + US$3.80

Bank transfer

US$50

Crypto Capital

1%

How do I send money through CEX.IO?

A bitcoin-based money transfer involves a series of steps.

You use fiat currency to buy bitcoin.

You send the bitcoin to your recipient’s bitcoin address.

Your recipient sells the bitcoin for fiat currency.

Your recipient withdraws the fiat currency to their bank account or credit card.

Case study analysis

In the case study, your US$1,000 buys you 0.72 BTC. That means you lose 0.06 BTC — about US$76 — from the purchase. Most of the loss comes from CEX.IO’s 7% transaction fee.

According to the mid-market rate, 0.72 BTC is worth about 868 euros. But when your recipient sells the bitcoin, they receive 810 euros. Again, most of the loss comes from the transaction fee.

After all is said and done, your recipient is left with 806 euros, which is about US$853. Throughout the complete money transfer, you’ve lost almost US$150.

Minimum transfer amounts and available countries

When buying bitcoin on CEX.IO, you need to purchase a minimum of 0.01 BTC with a maximum of 10 BTC. The limits are the same for selling bitcoin.

You can withdraw an unlimited amount in bitcoin — this means you can send as many bitcoin to your recipient as you’d like. The minimum transfer amount is 0.01 BTC.

For fiat currencies, there are different deposit and withdrawal limits depending on which type of account you have:

Basic account. Maximum of US$500 daily and US$2,000 monthly

Verified account. Maximum of US$10,000 daily and US$100,000 monthly

Verified Plus and Corporate accounts. No limit

Because of these rules, the amount you can send to your recipient will be limited by the type of account you have.

Available countries

CEX.IO is technically available to all countries. However, in some countries (for instance, Afghanistan, Iraq and Vietnam), credit card and bank-based transfers to the platform are restricted. This effectively bars many people from using CEX.IO.

What types of transfers does CEX.IO support?

Bank transfers

Credit card

Crypto Capital

Vouchers (for bitcoin transfers)

Withdrawals to personal bitcoin wallets

What to look out for

Bitcoin transfers can be complicated. Typical money transfer services handle all of the steps to send money. However, when you transfer money through bitcoin, you need to perform all of the steps yourself.

Losing money on the exchange rate. When transferring through bitcoin, you’ll lose money twice on the exchange rate.

High buy and sell fees. CEX.IO charges a 7% transaction fee when you buy bitcoin. It also charges the same fee when you sell bitcoin.

Opaque support centre. It may be difficult to find the answer you need in CEX.IO’s help centre because the search function often returns irrelevant results.

Benefits and drawbacks

Benefits

Drawbacks

Global services

Open to all countries (subject to government regulations)

Credit card and bank-based transfers are not available in some countries

Transfer options

US dollars, euros, Russian roubles

Many currencies not supported

Pickup options

Bank transfer, credit card, Crypto Capital

No cash pickup

Competitive fees

No commission for bank deposits; reasonable fees for withdrawals

High fees for buying and selling bitcoin

Competitive exchange rates

Exchange rates based on market activity — often within 0.5% to 2% of the mid-market rate

Exchange rates may spike moment to moment

Minimum and maximum transfer amounts

High maximum transfer amount with verified account

Low maximum transfer amount with basic account

Convenient

Online-based platform

You need to complete all transfer steps yourself

Customer service options

Online ticket, email support

No phone support; help centre can be confusing

Next steps

To get started with CEX.IO, register for an account at the platform’s website. Consider using two-factor authentication with your account, which provides extra security.

Bottom line

CEX.IO is a solid bitcoin platform that can help you complete an entire money transfer. However, be careful of the fees you’ll pay when buying and selling bitcoin.

Frequently asked questions

Bitcoin is a digital currency that’s decentralized — meaning it’s not controlled by any government. You can transfer the cryptocurrency over the blockchain, which is a digital ledger that records all bitcoin transactions.

Making a money transfer with bitcoin can be cheap if you use a peer-to-peer exchange. However, it’s usually pretty expensive to transfer through most bitcoin exchanges. Learn more about using bitcoin for international transfers.

Exchange rates on CEX.IO are set by trading activity on the platform, so they’re often very reasonable. If you’re concerned about fees, look more closely at CEX.IO’s fees for buying and selling bitcoin — they will be the main reason you’ll lose money throughout your transfer.

Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for featured placement of their products or services. We may also receive compensation if you click on certain links posted on our site.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Advertiser Disclosure

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.